Beneficial Ownership Registers: Overseas Territories and Crown Dependencies

I beg to move,

That this House notes the implementation of public registers of beneficial ownership in the UK’s Overseas Territories and Crown Dependencies; believes that the Government needs to respect the will of Parliament and meet the implementation deadline at the end of 2023; encourages the Government to lay an Order in Council formally requiring the UK’s Overseas Territories to implement public registers of beneficial ownership if the deadline is not met; and considers public registers of beneficial ownership to be an essential transparency measure to combat tax evasion, money laundering and other economic crimes.

This debate should not be necessary. The House expressed its view when it agreed an amendment to the Sanctions and Anti-Money Laundering Act 2018 that required overseas territories to voluntarily introduce registers of beneficial ownership within two years or face an Order in Council mandating compliance. Five years have passed since the right hon. Member for Sutton Coldfield (Mr Mitchell) and I moved the amendment, and the only overseas territory to comply with the legislation is Gibraltar, which I salute. While I understand that the Minister is making progress with some of the other jurisdictions, they have yet to comply with our legislation.

Journalists have revealed that the family of Asif Aziz, a landlord to my constituents in Britannia Point, Colliers Wood, manages a large property portfolio registered under dozens of companies on the Isle of Man. There is no beneficial owner listed, so complaints can never reach the landlord. We already have legislation that requires offshore companies that own properties to declare their owners on a register. Does my right hon. Friend agree that properly resourced enforcement is essential, and that having public registers of beneficial owners would make it much easier to identify and scrutinise the beneficial owners of offshore shell companies?

I am grateful to my hon. Friend for bringing that to our attention. Sadly, it is an issue not just of enforcement but of definition. I bet that the landlord in her constituency owns the properties through a trust, and there is no openness about beneficial ownership of trusts. She makes a very important point.